My hon. Friend is absolutely right to point out some of the wider benefits of employee ownership and involvement, including longer-term thinking, greater investment and greater productivity. It is a real showcase for the value of co-operatives, friendlies and mutual societies, which Members from across the House have come together today to recognise.
Demutualisation remains a real and present threat to the sector. The provisions in the Bill are crucial as they will help to ensure that mutual capital is maintained for the purpose for which it is intended. Beyond this Bill, we believe that further support, such as giving co-operatives more freedom to issue perpetual capital to fund investment, would help to secure the future of the sector. We recognise that today is a significant, important step forward, and we are very pleased to give this Bill our full support.
10.21 am